Facebook bans cryptocurrency adverts

LONDON: Facebook has banned adverts for Bitcoin and other cryptocurrencies on its sites after recent criticism from users about scams and hoaxes being promoted in their newsfeed.

The world’s biggest social network said such digital currencies are “frequently associated” with “deceptive promotional practices”.

“Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first,” said Rob Leathern, a product manager at Facebook, announcing the changes.

“Misleading or deceptive ads have no place on Facebook.”

The new policy puts adverts for cryptocurrencies in the same category as drugs, weapons and surveillance equipment in Facebook’s prohibited content, meaning even legitimate advertisers of Bitcoin and other digital currencies are now banned from promoting their products.